Exchange Rate in Korea
Korea - Exchange Rate
Korean won depreciates to over-five-year low
In February, the Korean won (KRW) continued to weaken against the U.S. dollar, prolonging the general depreciating trend that has been in place since May of last year. On 22 February, the currency traded at KRW 1,234 per USD, which was the weakest value in over five years. The reading was 2.9% weaker than the level observed on the same day of the previous month and 12.0% weaker than the level in the same month last year.
The depreciation of the won partly reflects the general capital outflow from emerging markets, including Korea, over rising global risk aversion, a slowdown in China and turmoil in frontier economies. Moreover, a bleaker economic outlook for Korea along with continued export sluggishness and increasing expectations for an interest rate cut by the Koran Central Bank are adding pressure on the won. On top of this, rising tensions with North Korea in recent weeks further reduced the attractiveness of Korean assets.
FocusEconomics Consensus Forecast panelists expect the won to trade at 1,228 KRW per USD at the end of 2016. For 2017, the panel sees the Korean currency trading at 1,223 KRW per USD.
Korea - Exchange Rate Data
|Exchange Rate (vs USD)||1,055||1,099||1,173||1,208||1,071|
5 years of economic forecasts for more than 30 economic indicators.
Korea Exchange Rate Chart
Source: Thomson Reuters
|Bond Yield||1.99||1.55 %||Mar 11|
|Exchange Rate||1,134||0.21 %||Mar 11|
|Stock Market||2,138||-0.40 %||Mar 11|
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March 5, 2019
A second GDP release from the Bank of Korea confirmed the economy grew 3.1% in the fourth quarter of last year compared to the same quarter a year earlier.
March 5, 2019
Consumer prices increased 0.4% in February compared to the previous month, contrasting the 0.1% decrease in January.
March 4, 2019
Merchandise exports fell 11.1% year-on-year in February—a more pronounced drop than January’s revised 5.9% fall (previously reported: -5.8% year-on-year)—to total USD 39.6 billion.
March 4, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and reported by IHS Markit, fell to a 44-month low of 47.2 in February, down from 48.3 in January.
February 28, 2019
At its 28 February monetary policy meeting, the Bank of Korea held the base rate steady at 1.75%, as had been expected by market analysts.